Astronomer@astronomer_zero
$BTC longs
112k hit, getting closer to the above-midrange area.
Alright, price indeed moving higher nicely and push has the health factor we have been looking for.
Of course, we have the developing CME gap to deal with and during periods of ranging (you already know I called this range), and during periods of ranging, CME gaps are 90% more likely to close than when in trending environment. And even in trending environment, they have an over 80% hit rate to close just on their own.
However, going above midrange is highly likely in the midst of the cycle, 10 week signal, hash ribbon trigger, our collection of own indicators, and overall high timeframe analysis + reversal area holding where we flipped shorts into longs (107k).
So the next steps of the plan are as follows: holding the 107k longs, aim for our next target of 118k, and if it happens before CME closes and we get that local euphoria as we typically see, and see relentless longs into big limit orders and aggressive shorts right after + some trademarked confirmation of my own, then I'm closing the long from 107k again at 118k and short once more back down towards the CME close.
If that local euphoria and celebrating/weakness doesn't happen, I simply expect higher and simply ignore the fact that CME gap exists because they can stick in the right environment.
In all other cases (where the CME gap closes = most likely personally, although I would like to see Monday first), I'm likely going to hold the longs for longer and higher, TP further less aggressively, but no drastic changes as the overall initial plan.
CME gaps are not a bible to be traded, but simply a guideline. A strong one that is.
Decent importance and center-point here of my low timeframe analysis currently of how I handle our long further as well as a potential short again, along with the upcoming FOMC reversal, which I am interpreting slightly different this time around.
An update on that, next post.
